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  • Asset Transformation

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    asset transformation

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    asset transformation

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    © All Rights Reserved
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    19 vues11 pages

    Asset Transformation

    Transféré par

    Sol
    asset transformation

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme PDF ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 11
    ‘50 Theory of the fica se enter, owen, aermpl to encore, tat Goan Gowns Pesca athe than consumption, Gover eee arto the financial markets ot ments may eet Sr eansue borrowing gh. Smee rons hak at ctain types of vest deemed D9 Seria ela compara ow PSY government og) may aloo take pce, Ths allows EV Tand Se he adrantages of improved OPO UNIS 1 mens cri at ey Heh proportion of tat vind Asset transformation Notes ‘When we took a prefiminary look atthe financial system in chapter 1 seiited that financial institutions and markets had the dust Toactions of transfering resources {com savers (0 investors and of fling bath these groupe to obtain financial instruments with the : sym of exchange, 1 we are ssoming event absence of money 127 - 1 wee amin agement pei 210 pe The ce ay ar To sme cae ough he cnsumion pee eet oie ae Wc lint teapot eS ae : : > Seri reforms ecttsnwin= Yip coma a cya Deni A male : Sear my te egded ing cntmsion al Ce area Coren as ar i odin sone ope of AR ius (41) 6 SY ee nee ath me imc ence ile end the onset fet 5 prs in pr andes in sad 2 hey Semand mere coef ution elt of an ince in te tot Scone ay te oie 08 ee RE eth itinsiged sane ma OES he soe en cars an he consi Netw SE a ee Tm he bce of 2 enon fad 4 and erotic reer THM ee rie flames cottons end 2 ee incase the ve of vet ths eget 2 gach Ui the e190 ek ot aie cobain eve epoch eh person onsen ced i te cei YO 9 ce oe ie oe anal pnd 2 aot obisint OY ands may be ceaviced for onkya shor sane hah depres of certainty. The needs of some savers and Sera ors do not therefore necessarily confit, though even ‘when no confi exists ths financial system has the tak of briing hatching requirements gether, However. hing ing tei song bide Cowal Be erence fox ‘nthe nvesiment side IRE prac jor Hear nance which must eequenly be exposed wo. significant ‘deg bscnce_of fingncial institutions and_markets Thawe 1 be found, This would inevitably be Ta aad woul be Fable 10 reduce the gr SO fevels of saving restncet in the economy. Moreover th yee i, a 8 on Pdr ott socesses of Driving savers and investors topsthes ant ‘orig ee Ca eat te May a ewes, igeestmcnt acily. Thus, im addition to the function of releasing sae ets and investors (rom budget constraints which we discussed in Aae‘at chapter, he fingncfalsrstem alzo hos to transform the sk of the financial system ‘Swern fea i er ic ors al Gate be borne by Wiss i Sa oad ra eT ements 1 Aas Fay ron in hese con beefs Ve 2 cnt nd Stow Now 2 ana ae ONO tes 2 sat avn Rob he den 3 Li aes, The resuls of busines esac ea ay. BO PN SS Sane ak for example by versie Wi se malo SS romero entering ong integrating wh spool sliinate sk allogcheg, The cos and ‘re of invesumeat by public authorities ate ene of ping & nem osial may cast much HOT Conroe cepeced atthe time the dein 19 buld was tke: than anyone oP yy ur out wo be higher than anifpateds or He an ore wrage may torn out to be ess. Even invesmsat i at ask exposure is vitally important to-the he financial system. because i is 2 io spedalze in ow. fasteamenss, whilst, sh STAAL BBE Ae eyacalicied bya disieion beicca dau sk ad cqult isk. ak UBS SGP ihe isk that he borat wt? 9 ist her obli hat be-or she will [al de ae ae athe loan iisellwhep iLicaie. The probability of Se ee pf etal ak anda safe ait is one for which fae Sy i acto, ue. there i complete confidence Sine eat paid and capitol repaid as agrecd atthe outset. Thc, te ane mossy wish fee foo ot even acaiible de El ncudeagvemum = fed sate We lender: a ae ee ate of interest which 3 borrower must fy rao chet tis cen the ted. does not normally depend of bow sucess meas, EN cya sgchoy has 12 q SE pe aagye peri ie ovement aay esr ome an genres he tv ENA rh rc slaved between the ow * Ser beat sk ones the i Fig Tn the ease of busines las 10h ate i borne by the owners of the Granciny ws saves Tp rs capi bul the capital is wally divided ne which Frm yan the idk snot bore equally by both parts The etka ert ig relaivey safe, often secoted on sOme oe debt compo covenants inserted int loan agreements; (hes fr’ ase iy give the lender the right to immediate repay SP fr fails co carry out its obligations The bu e Se rciiner can the remuneration which the SS eee Sa eo rroal distinction berween default ik for debt and Talis sel 115 90 infact abso pace r fy imply total oss 10 2 heleaer 1s realy»queton of vaying amu of es with 5 ferent probabies. And very oxrsonally, when the ik I eitsied id's project scems too high for a straighiforward foan, Traders may nevertheless agree to grant the foan. hut on condition Miaeitay rezewe some addtional income ithe projet succes o turns bat fo be in using the funds profitably oe ing carries an element of risk: 00 DU op eries gor the uncertaity sutoundng hei inosine pre may decine.ostbare a 2 eel OL EaKe Because the income i ano catry_ mth consequential fal the ¥ ieee he fate alae oS Themselves cannal be ees SRE, With public casonably confide that he wi gt higmongy back he is unlikely fo aecede (0 a loan request cond method theo fg Tals Deporittaking insliui Ti a ee muniber_of small foans rather than a_ small eT Tame ones, because, although th dos wot reduce the sumer of PFeir portolio of loans overall i dacs give expected Tos, f oratch sa ecu 1 mo So aera expect thir actual loss experience to be very Fone to the average les Yate fr that ype of business hers Feet aamall umber of loans were made the jsitution might have 4 ary adtontune to find that a unusually Bigh proportion had gone a pani and building, sos. $ ination oe Paes Taiiies test Be able to regard ther absolutely sf. pars. however, inevitab sbity to transform these The risk of loss on each ty asct epee eb a a cea on re ngs ek oto fees niroling Meir asks, am Sees. kg eo a i ask ns Lo enae Iau DAY Stl oun gine ino default isto ina umber ofan ar eidr the purpose of helen, and whet is hy os limaicpurpores would include house parker Lineage DIEM and ouPmen © SLY it She temporary faance ofa peak “Table 41 Loan loses where = 0.01 “Especed number Mazina ser pustase om puto make a loan whch was itendd to sma consume Pg ec beyond his means, oF (0 alow 2 business umber oftoas (2) ofc, manber EN of ses enable «boron ing cual dueg 3 pv of contning 2nd ee =e are repded a5 unjstfed. Seo am) v0) erat ons wr al theca ee i va) wt Sie 100 wo) wun Foe tender considers the bortowe she batten Yoan, the lender wishes to bei a oe coer ts alien incor 10 1 (RE Se pial mens on the aks a bases he ender wahsas soon 0 (0) 125 (126) “pagan noir

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